AIB was found to have failed to immediately report suspicious transactions to police and tax authorities and to carry out due diligence on some customers, the central bank said.

AIB said in a statement that all the breaches took place before July 8, 2014 and a comprehensive risk mitigation programme had since been put in place.

Rival Ulster Bank, owned by Royal Bank of Scotland, was fined 3.3 million euros by the central bank last year for similar breaches. ($1 = 0.9138 euros) (Reporting by Conor Humphries; editing by David Clarke)